All right, we will go ahead and kick it off. Huge thank you to Klaviyo for joining us this afternoon, AB, founder and CEO, and Amanda Whalen, CFO. Callie Valenti, my colleague, on the far right of the stage, and thank you all for joining us at the Klaviyo session on day two of Goldman Sachs Communicopia and Technology. I'm Gabriela Borges. With all that said, AB, you're about a year now since the anniversary of the IPO. You've done, what? Probably hundreds of investor meetings in the last 265 days. What do you think the biggest disconnect is between the way investors perceive the company and what's actually going on on the inside? Sure. So, I think, I think for us, you know, I think Klaviyo is nominally known as, like, a, a marketing platform. And I think there's a couple of misconceptions that can come with that, that I think are important. 'Cause I used to get questions for a long time like: "Well, gosh, marketing, like, hasn't that been done? And, you know, isn't there kind of a ceiling to that? And, like, so, like, why are you bucking this trend, and why should I believe that's, like, gonna continue?" So I'll say two things. The first is, when we started Klaviyo, we started it as a database company, and so it's interesting, like, you know, because we sell... You know, we're known for marketing, 'cause it's kind of the first application we built on top of our database. A lot of folks don't understand the amount of data tech that's behind the scenes, and I think in a world of, you know, where people want to do more personalization, certainly in a world of machine learning and artificial intelligence, it's so critical that you, one, you know, have all the data, and two, you've built technology that makes it easy for people to put to work, whether they're doing it, you know, human users doing it or machine algorithms putting it to work, so I think that's been core to our success, because I think we've been able to, you know, frankly, you know, out-compete a lot of other marketing platforms where that was not something they did. They outsourced that to, say, you know, some other external party, so that's number one. The second thing is, you know, I think a lot of people, when they think about marketing, at least, you know, marketing as a category, you know, kind of started in B2B. And so a lot of people know of a lot of companies that sort of focus on marketing in a B2B context, right? To do, you know, lead gen and all this kind of stuff. You know, Klaviyo's been predominantly focused on consumer businesses, and, if you think about it, like, the role of marketing in a consumer business is very different than in a B2B business. In a B2B business, you still sort of lean on a sales team to ultimately be the one that, you know, have the customer relationships, close the deals, drive revenue. In a consumer business, there is no sales team. Actually, marketing, you know, the marketing software you use and your marketing team is the breadwinner. That really changes the way people think about our software. For a lot of our customers, you know, we're either the number one or number two revenue driver for the business. Rather than being this kind of nice to have or kind of assistant to the, you know, to a sales organization, in our case, we're front and center. I think that, you know, that centrality for Klaviyo has been really helpful, because now as we're expanding the products and what we can offer to a business, they already say, "Okay, you're already front and center in terms of helping us drive our business growth. If there's other parts of our business, you can help us improve other parts of the customer experience, then, you know, we're all ears. I want to spend time on both of those points, and maybe we'll start with the database piece that you mentioned. During the IPO, there was a slide that had your architecture, and there were about five to seven different flavors of database on the back end, which is so unique, given, I think, most application software companies, they're locked into one flavor of database, and they make trade-offs on the back of that. So how are you able to keep the back-end architecture so flexible, and how do you think about what the right mix is of database technology on the back end? Sure. So, you know, when we think about, like, what's the value of, you know, storing all this data, then giving people access to it, our mental model is, you know, just like a person is good at, you know, storing lots of data, we store it in our brains, our neurons, and then we have different access patterns. Like, sometimes we do deep thinking, sometimes we just need basic record retrieval. But there's multiple storage formats in here, and we're able to leverage all of them without really thinking about it. We wanted to provide effectively the same functionality to any, you know, to any business, so look, it doesn't really matter how you want to use this, right? Whether you just need—you've got a single customer, and they're visiting your website, and you want to render the perfect experience for them. Great! We've got a solution for that. Or you're building a machine learning model to try to predict who's going to buy next in product affinities. Great! We've got access patterns for that. So we wanted to make it say, like: Look, regardless of how you want to access it, Klaviyo can support all of those modes. You know, and so the architecture we decided to use on the back end was one where we said there's actually a lot of great databases that are out there, you know, a lot of open source databases and some that we've, you know, helped build, you know, helped contribute to. And we said, "We're just gonna make it so that, you know, a little bit like, you know, like car engines, I guess. You can kind of plug in multiple engines, and you can actually have several of them." So what's going on behind the scenes in Klaviyo is, every time you store data with us, we intelligently figure out what's the best way to, you know, which kind of database under the covers to store that in, such that when you want to access it later, it's fast. And that, you know, figuring that out, it's something that, frankly, if you had a really big engineering team, you could probably do on your own. But we've just basically built models that will solve all that for you. For a lot of the companies we work with, they say, like, "Gosh, we don't have that expertise or the budget to do that." We say, like, "Well, it's okay. We've actually solved this already for you." I think that architecture decision to allow multiple storage engines on the back end to allow for multiple different query patterns has been a game changer. We do things like real-time personalization versus building machine learning models. All of that can be covered, you know, by our data infrastructure. And it leads a little bit to a question on how you think about the TAM, because if I think about the horsepower that you have on the back end, the main value that it releases when you target SMBs is ease of use. As you come up market, I wonder if there is more of an appreciation for the sophistication of what you're doing on the back end, and do you see the use case in the middle market, and as you come up market, evolve commensurate with that? Yeah, we actually see there's, I mean, two things, you know, so, two things are interesting. So, when we get into the mid-market enterprise, there's a lot, you know, data teams, development teams start to get very interested in, "Okay, that's great. Can I get raw access to this? Right. You know, what are the APIs that you offer? 'Cause I want, I wanna plumb this into some of our other applications." I've talked to customers that have used this, not just say, like, you know, to personalize, say, a digital experience. I've seen folks plumb this into applications they use for in-store experiences. I've seen people plumb this into their backend logistics systems to help them prioritize which customer's orders, when there are delays, get prioritized, you know, based on things like predicting lifetime value, and then actually, on top of that, it's not just our customers, our enterprise customers, we've also have a growing ecosystem of third-party developers that want to leverage this data, so just for example, I was talking to somebody earlier this week who had built an advertising platform for Connected TV. So when you think about all the streaming apps, they've opened up their own advertising networks and have allowed you to decide who you want to target for advertising. Well, great, Klaviyo's a great source of, like, consumer data. You know, they. You know, that developer said, "Well, that's great. If you can actually give me access to that API, I can pull in, help people run targeted advertising campaigns on this, on these other media type, you know, on these other mediums that you don't support natively, and I can push back data to help them understand inside of Klaviyo what's working, what's not," and that just expands the breadth of Klaviyo. So, I think there's this, you know, both for SMBs and through third-party developers, and then for enterprises, this just makes us super core in terms of the, like, great, we're the central source of truth, and then you have all these different applications and experiences that are being powered off that, you know, central data set. So how do you think then about monetizing some of those use cases? You talked about a customer using your database technology for logistics. At what point do you say, "Okay, we can actually build that application in-house and monetize it across the customer base? Yeah, sure. So, you know, we're, we're already working on, you know, a set of applications that we think are very core, right? That we think are ubiquitous. So obviously, we do a lot around marketing and messaging. We think about other interactions, you know, patterns that are very common. We're doing a bunch of work around, you know, what we normally think of as, like, customer service patterns, of somebody has a question, how do you get them an answer? We also mentioned, like, personalizing some of these digital experiences to improve conversion rates on a website, or a mobile app. So there's some of those where we're building product ourselves. And then, yeah, you know, we look for things that, you know, you know, where we think there's very common use cases where we can be experts, we build those. But we also think there's many, many more applications that third-party developers can build. And, you know, we think there's an opportunity over time to monetize those. But frankly, like, the amount of, you know, both in terms of, like, the, you know, the fit, like, the stickiness of our platform, as well as, you know, those third-party developers, their ability to introduce us to new verticals and new use cases, has been exceptional. So we're very excited to have them as part of the ecosystem. You know, and I think we're able to monetize that a bunch of ways indirectly. I wanna ask one more strategy question, and then I'll turn it over to Callie on some of the near-term model dynamics. The second part of your answer to perceptions versus reality was customer engagement beyond just marketing, and you've already alluded to some of the examples in the last five minutes. But talk to us about what this means for where Klaviyo fits in the ecosystem longer term, if we change the denominator to be customer engagement instead of just marketing. Yeah, sure. So, you know, we've always felt that Klaviyo, as a product and as a suite of products, should be about much more than just selling to the marketer. You know, we love marketing, we love marketers, but we've always felt that, like, whoever's running the business, be it that owner, if it's an SMB, the CEO, if it's a larger enterprise, and that entire layer, like, they should be thinking about Klaviyo holistically, because ultimately, we wanna help them power better customer experiences that results in better monetization. And so I think what, you know, we expect is if you look across these different customer experiences, we ask ourselves, like, is there an opportunity to do three things for those different touch points? One, can we make them more personal? If we can make them more personal, they're gonna be more engaging to that consumer. It's gonna lead to higher lifetime value. Two, can we help them measure those experiences better? You know, when we entered marketing, you know, the norm was, well, what's a good open rate? Nobody was thinking about conversions. I think there's a lot of customer experiences where nobody's really optimizing them, because they're not thinking about how they impact either the top or bottom line. And then third is, if we can do, you know, better personalization, you know, measure those, can we help introduce more machine learning and artificial intelligence in those use cases? Can we help optimize them? So rather than, you know, an individual, you know, somebody who's leading in that function or working in that function, rather than analysts have to program that software, can we help automatically make it better? The example in marketing is, we can now take marketing campaigns, and we'll automatically adjust the content or who they're sent to, to optimize for something like conversions. We can do that for you. But what's stopping us from doing that with your website? Why can't we? You know, one of the things I always thought was crazy, you go to a typical retail website, everybody gets the exact same website, unless you're going to, like, Amazon. That doesn't make any sense. Every time any of us show up to a website, all of the, you know, all of the graphics and everything should automatically rearrange to be perfect for us. So if we can help do that through machine learning, I think there's if when we find there's applications and use cases where we can do those three things, help improve personalization, help improve measurement and attribution, and then help optimize, you know, the actual end outcome, that attribution through machine learning, that's something that we should get involved in. And I think if you look across when I talk to businesses, like, what are the different parts of the customer experience where you think there's an opportunity there? Typically, when I talk to these, you know, CEOs, you know, CFOs, the entire leadership, they're like, there's so, Andrew, marketing is one, but that's just the tip of the iceberg. So we look at that as our responsibility, whether it's applications that Klaviyo builds itself or our ecosystem is building, we need to make sure we have coverage across all of those, so that we can ultimately, like, you know, help optimize the customer experience and help optimize the, monetization. So at any given time, we see a lot of conflicting data points about just the health of the overall consumer environment. How do you separate the signal from the noise internally? How do you determine which of these data points are impactful to Klaviyo's business? Yeah, go on. Yeah. So, you know, we are... Goodness, we love data. We're a data-based company. So we're looking at a whole lot of different signals. We're looking at, internally, not only what's happening with our customers and their subscriptions, we're looking at what are the patterns of usage. So we're looking at how are their sending behaviors changing, what kind of ROI are they generating from the messaging, and then we're also looking at what is the health of their overall business. So the most important metric for us, our North Star, is what we call Klaviyo Attributed Value. Klaviyo Attributed Value is the dollars of revenue that a customer of ours generates from messaging that they send via Klaviyo. And it's really important to us, as Andrew said, that that be really strong in terms of the attribution. So if you are a customer and you're logging into Klaviyo, you can not only see your KAV, if you want to, you can double-click into it and say, "Where was that generated from? Which campaigns did I send? When I sent this campaign, which customer did it go to? When I sent it to that customer, how did they interact, and then when exactly was that order placed?" So we're looking at the dollars of KAV that they're generating, and then we're also looking at what's happening with their total business. So for our customers, because we're integrated with their commerce platform, we can see the GMV that that business is generating. So as we're thinking about the health of that customer and the health of the consumer, we're looking at how quickly is their total business growing, how is Klaviyo contributing to that revenue growth, and then how is their usage of our product contributing to the way that they're generating revenue? Yeah, and then to build on that a little bit, SMBs probably have had a very rocky back and forth over the past couple of years, but Klaviyo's customer base has definitely outperformed what we've seen your typical SMB go through. So kind of what about your customer base has resulted in that, and kind of what do you think people kind of miss looking from the outside in? Yeah, there's a few different things that I would point to. One is, I think people miss the diversity of our customer base. We do have a very strong SMB customer base. We also have a large customer base of what we would call entrepreneurs, so businesses with less than a few million dollars in revenue. And we've got a substantial customer base of mid-market and enterprise customers, so, you know, thirty, fifty, hundreds of millions of dollars in revenue as well. And I think sometimes people miss the fact that there is that diversity across there. The strength that I think we see among, you know, on a relative basis among SMBs, and is driven by what Andrew spoke about earlier, the fact that our product is a must-have for customers. We're generating significant revenue for them. But I think it's also important to look at the total customer base. If you look at our results last quarter, we saw strength at that lowest end of the market, among the new brands with entrepreneurs. We saw strength at the highest end of the market. It was our strongest quarter ever as a company in terms of the number of new adds that we had in 50k-plus customers, customers who are landing with us for the first time at over $50,000 in ARR. But we are seeing a little bit of softness among those SMBs. We're seeing them be sensitive to the messages that they're sending. We're seeing a little bit of lengthening in sales cycles, but we're seeing them stick with us because of the revenue that they generate, and then we're able to generate strong returns as a company because we have that diversity of customer sizes, and then also in terms of geography, with strength across different parts of the globe and across different products, where our SMS product had a particularly strong quarter last quarter. And you've spoken a bit to the expectation that you'll continue to invest pretty aggressively, going forward, as you believe you have a big opportunity and want to invest in that. So the investments over the past three quarters have been kind of elevated. How do you think about the guardrails you're putting around payback period, and what other metrics do you look at, and how quickly you kind of ramp up and ramp down those investments? Yeah, it is one of the wonderful things about working with Andrew as a CFO, is that Andrew and Ed, from the very beginnings of Klaviyo, have always been strong believers that it's not an either/or, that you have to choose between either growth or strong unit economics, that with creativity and dedication, you can and should deliver on both, and that's made my job much easier because we don't have to pivot from growth at all costs to efficient growth. It's a business who's always been very focused on strong unit economics, and that shows up in the form of metrics, like the one that we had when we went public, of from our inception through to the time that we went public, we net used $15 million of capital in building and growing the business. The rest of the capital that we re-raised, either is still sitting on our balance sheet today or was distributed in terms of secondaries as part of some of that capital raising, and so the way that we manage that, Andrew and I had a really fun car ride one time where I think we spent two hours talking about the nuances of different ways to look at unit economics, but to summarize it, at the highest level, we look at payback period is our primary metric that we're looking at. The reason that we bias towards payback period is because we like that cash efficiency. We were a bootstrapped business originally, and so therefore wanted to get the cash back in the door quickly. As we expand more into the mid-market and enterprise, we also look at LTV to CAC, because some of those mid-market businesses do have, when, you know, longer sales cycles, but strong LTV to CAC. And so as we're thinking about unit economics, we're triangulating across the two. But it's something we keep a very close eye on. Mm-hmm. I want to connect two of the themes we've been talking about, which is the product and expanding the product into new cohorts of the market, and the unit economics of you all expanding over time. And maybe we can focus on the mid-market, because, Amanda, I've heard you talk about the pipeline in the mid-market and how excited the company is. So, we've had a number of SaaS companies historically, that have been successful in SMB, and they go to expand upmarket, and it ends up taking a lot longer and costing a lot more than they expect. Talk to us about the early signs of traction that you're seeing in mid-market that make you think that you're on the right track. Mm-hmm. Yeah, I'm happy to start and, Meg- Yeah. You know, I think there's a couple things here. The first is, we're very big believers in a product-led motion, and, like, what that means is, I think there's broad strokes. You can divide companies or, you know, you know, go-to-market approaches in, hey, we're gonna make sure the product market, the product has good product market fit. It's the kind of thing that people and then people can, you know, they can try it. It, the adoption curve is easy. So by the time you start to layer in marketing and sales, you're already playing from ahead. We have found that to be an enormous tailwind. I think folks tend to equate that with SMB, but there's an enormous tailwind if you can do that, in the mid-market enterprise as well. And so I think we found that, I mean, literally will reduce deal cycles enormously. All of a sudden, things like, you know, for us, for example, the time to import data into Klaviyo, so you can start to look at it and scaffold out some example use cases, all before you bought, is literally measured in, like, minutes or hours. In other cases, I've seen instances where it's like to get up, you know, some sort of like, sandbox environment can take days and weeks, and lots of human capital. For us, the fact that's so cheap and easy, means we can talk to more businesses. It doesn't require as much effort on our end. It reduces that cost. Same time, then adopting Klaviyo. We've done a ton of work on when folks are, you know, migrating or importing datasets. It's enormously. It's very fast, and it's the kind of thing they can drive. We compete against software, in some cases where if you want to make a change to a marketing campaign, you have to call somebody. You have to wait for that person to file a ticket, and they're probably not the one that does the work. They send it over to somebody else, who's got to ask a bunch of questions, to then actually, you know, maybe, I don't know, code an email or do some configuration. There's all this cost and waste that we just don't have to incur. So that, that being product-led, I think, makes an enormous difference. The second is, we really try to, you know, I think being, being judicious about, like, you wait to see some organic demand before you invest behind that, has made a big difference. I think when I, you know, when you go look at, like, companies that have struggled, I think oftentimes there's a bit of this hope that there's like, fit there. Yes, we're gonna hire out the sales team, and we're actually not gonna know for twelve months, you know, how effective they are. We're gonna invest in marketing and let's see what happens. You know, that's why, you know, as we've talked about, like, how we've grown into the mid-market enterprise, you know, this all started with very small, you know, sales teams that sold into certain markets. We wanted to make sure there is actual fit there. Oftentimes, we get feedback of why are you not going faster, pushing harder? And I'd say there's some risk there, but, like, we like to calibrate that once we go into a market, we know that we're gonna be successful. So I think, you know, doing those two things has made an enormous difference. So there's less of a, you know, bet the farm mentality when it comes to moving upmarket. I think one of the things that, you know, Amanda and I often talk about that gives us a lot of confidence is, we've got such a great business in SMB, we look at this as an opportunity to accelerate. You know, we think there's a long way to go inside of our SMB business, and so that's a very durable growth. That's, that's given us the time. We've We've both got a lot of urgency, but, like, given us the time to do this the way that we like to run it. And so I think what's very exciting now is, and we've talked about this on some of our, you know, calls, is we're seeing a lot of that organic demand, that those early signs that we see, you know, signs that we should start to lean in more. And, you know, so we'll see. But that's, that's been our approach. You've both alluded to demand indicators, so I'll ask the question explicitly: What are some of the demand indicators that are turning more positive for the mid-market or even more broadly? Sure, so you know, I think for us, I always look at like one, how much do you see, you know, organic demand come in? It's one thing to have a sales team reach out and, you know, work territories, but you know, when you start to see the sign, you know, one of the good signs for us, when I see people moving around companies and bringing Klaviyo with them, not just in the SMB, but in the mid-market and enterprise. We start to see partners developing practices around Klaviyo and wanting to lean in there. That's an excellent sign. A lot, we have an outstanding partner network, and that's now increasingly in the mid-market and enterprise, increasingly international. We see folks that are willing to say, like, "Yeah, I actually want to be a first mover here. I think there's this, this really has legs, and folks that are in the market working with, you know, who really should be, you know, clients who should be Klaviyo customers, another really good sign... You know, obviously we probe into, like, you know, as we spend dollars on marketing, run events, we'd like to stay close to the customer. Hey, is what Klaviyo offers really, you know, does it resonate? Or are there gaps that we need to address? So those are all ways that we, you know, kind of probe into the market, and I think when we see those things trending in the right direction, you know, we know there's probably an opportunity to move faster. So one of the things that has been thematic across the last half an hour is just how vibrant the customer engagement space is. That vibrancy tends to come with competition, and certainly during the time of the IPO, there were a number of competitors that aspired to be or have the success that you are having. How is the competitive landscape changing, and compare and contrast for us what you see competitively at some of the larger mid-market customers versus lower one? Sure. You know, I've always felt like the fundamental competitive, you know, at least as it relates to the marketing space, and we can-- and then we can talk beyond that. You know, we felt for a long time that we had this unfair advantage because we had this underlying data infrastructure, this way of storing customer data that made it easier to put to work. Which means you were gonna get better results with Klaviyo, better ROI, would actually give us pricing leverage. And, you know, I often look for, do I see other folks kind of going down the same path? Are they willing to invest in building out the infrastructure that we've built? You know, to date, I really haven't seen many of our competitors, both folks that existed before us, more legacy platforms and more... And you know, more contemporaries. In the SMB and in the enterprise, I've not seen folks invest in this. So, you know, in the SMB space, we still see a lot of, you know, what 10, 15 years ago were kind of, you know, you think about, like, running an email newsletter. We're still competing with a lot of that, with some bolted-on functionality to allow for some, you know, some data, but it's very limited. And so we still see, like, we're very competitive there. As we've gotten into the you know mid-market enterprise, what we found there is, you know, I think we're competing against a lot of folks trying to work together. Hey, I offer a data warehouse, data lake, CDP, some set of functionality around that, and I go to market with a marketing platform." I have not talked to any customers that are like, "Oh, yeah, I love that setup. That's working really well for us. It's cheap, that it's fast, it's easy to work with." All the complaints are the same, and so they come to us because I think they look at us and say, like, "Well, gosh, I can do this all in one place with Klaviyo. It's very fast. I don't have to set up all these data pipelines. I don't have to call somebody, I have to hire a bunch of engineers to configure this thing." That is fundamentally winning for us. And so, you know, we'll continue to watch the market, but I think, you know, there's a lot of stuff about folks like, you know, especially in marketing, like which channels you know you covered, all that kind of stuff. You know, we've taken the approach of, like, we're gonna be your one-stop shop. We're gonna cover everything. I think fundamentally for us, the winning strategy is because we're the place you store all your customer data, you put that to work, and especially now in, you know, an age of artificial intelligence, where you need to use that data to put it to work to help customize, personalize content, that gives us a big leg up, you know, over the other folks that are out there. Absolutely. Let us pause for a moment. Questions from the audience? Callie, back to you. Wanted to ask and kind of how you're thinking about monetizing the infrastructure layer of Klaviyo more over time. I think CDP has been a really good start of that, but just kind of any way that you're thinking about that going into the future. Yeah, sure. I mean, happy, happy to speak to that a little bit. You know, it's interesting. Our infrastructure, we've kind of, we've baked in, you know, as kind of a part of our, you know, core marketing platform. I think as we move upmarket, what we found is that there's really two things that folks are willing to buy there, and so we're starting to set up, you know, price and packages for both. The first is, anytime you offer data infrastructure, oftentimes there's some, like, reporting analytics that comes with that. Where folks want to understand the data they have and then use that to put it to work. So with our CDP products, one of actually the most exciting things we've seen is, a real propensity from folks to say: If you can help us, you know, do more analysis, run more queries against this, and then put that to work, to improve our marketing, we're willing to pay for that. So I think that there's an element of that. And then for the core infrastructure, we've started to build out a bunch of governance tooling, things to help people, you know, protect the data they have, make sure it's normalized, it's clean, you know, and then federated out to other places. So I mentioned, you know, advertising networks being, you know, a big use case. So all of that functionality that you tend to start to think of as, you know, things that you kind of see included in, like, a, you know, data warehouse or, you know, another data, you know, kind of infrastructure, piece of software, I think that's where this goes. And so, you know, for our customers, like, offering that functionality and then offering the ability to query it, you know, and leverage it in other external applications that aren't Klaviyo's, I think there's a strong willingness, you know, to buy. So I think, like, you know, like a lot of other infrastructure products, it'll probably be something that's, you know, based on, you know, storage and compute. and I think the fact that, you know, we are this kind of central repository and we offer this fast access, I think that's why I think a lot of folks are interested in, like, "Yeah, I actually would rather use that than try to stitch it together, you know, with off-the-shelf, you know, data warehouse or, you know, other data storage components. And then last one from me. So, to what extent are you seeing other verticals kind of struggling with the same data challenges that you're seeing from your retail and e-commerce customers? And how do you think about addressing that, over time? Totally. You know, it's interesting. One of the things we found as we move upmarket, you know, in the mid-market enterprise, a lot more of those businesses are actually not, you know, not as we say, like, you know, outside of retail and e-commerce. The challenges are all exactly the same. In fact, I think they're almost more acute. If you think about service businesses, there's often, whether it's implicit through subscription or or sorry, explicit through subscription or implicit, there's a much more recurring relationship, and folks are eager to put that to work. I think there's even more of an understanding that, like, "Yeah, this customer data, I should be using this to drive the customer experience, because I know these are people that want to have a recurring relationship with me." So, I think one of the things we're very excited about is just broadening the aperture of Klaviyo. We often think about, like, our marketing... You know, we want to be clear that we're a great fit for retail and e-commerce, but also letting other businesses know, you know, I talk to companies all the time and say, "I think Klaviyo is a great fit for me, but I don't see it, you know, on the website." And I think there's a big opportunity for us to say, "Oh, yeah, no, no, we're open for business, and here's other folks that look like you, that are doing similar sorts of things and use cases." But no, I mean, you know, Amanda and I talked about, like, we fundamentally think about, like, the kind of market that Klaviyo is after. You know, if you think about, like, you know, world or U.S. GDP, there's a huge, you know, two-thirds of it is B2C spending. Those are consumers that are reaching out to some organization that they have a relationship with, and we think about: How do we address every single part, as many components of the B2C economy as possible? So obviously, a huge chunk of that is retail and e-commerce, but when you look at all of the other sectors, I think those are equally addressable. We'll leave it there. Please join me in thanking Andrew and Amanda for their time. Thank you both. We appreciate the insights.